Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Pritchard Stockbrokers falls into administration

Pritchard Stockbrokers falls into administration

The Financial Services Authority (FSA) has said that Pritchard Stockbrokers has today entered the Special Administration Regime (SAR).

Timothy Ball, Roderick Weston and Alistair Wood at Mazars LLP have been appointed joint special administrators. 

Last month, rival stockbroker WH Ireland announced it had taken on Pritchard's assets and its client book, which included some 8,000 accounts. It paid £500,000 for the book, which had been valued at £400 million based on non-cash assets under management.

The new comes after the FSA issued a First Supervisory Notice to Pritchard, which prevented the firm from undertaking any further regulated activities.

The financial watchdog said Pritchard had used client money for its own expenses, thereby putting client money at risk’. It also froze the firm's asset and told the Bournemouth-based firm to inform clients that it had been barred for working for them.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: The adviser that tempted Robin Minter-Kemp on board

Profile: The adviser that tempted Robin Minter-Kemp on board

It is rare to meet an impassioned individual who is willing to bang the drum for investment advisory right now

Wealth Manager on Twitter